20A-11-702. Campaign financial reporting of political issues expenditures by corporations — Financial reporting.
(1)
Terms Used In Utah Code 20A-11-702
Address: means the number and street where an individual resides or where a reporting entity has its principal office. See Utah Code 20A-11-101
Ballot: means the storage medium, including a paper, mechanical, or electronic storage medium, that records an individual voter's vote. See Utah Code 20A-1-102
Convention: means the political party convention at which party officers and delegates are selected. See Utah Code 20A-1-102
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Corporation: means a domestic or foreign, profit or nonprofit, business organization that is registered as a corporation or is authorized to do business in a state and makes any expenditure from corporate funds for:
(i)
the purpose of expressly advocating for political purposes; or
(ii)
the purpose of expressly advocating the approval or the defeat of any ballot proposition. See Utah Code 20A-11-101
Detailed listing: means :
(a)
for each contribution or public service assistance:
(i)
the name and address of the individual or source making the contribution or public service assistance, except to the extent that the name or address of the individual or source is unknown;
(ii)
the amount or value of the contribution or public service assistance; and
(iii)
the date the contribution or public service assistance was made; and
(b)
for each expenditure:
(i)
the amount of the expenditure;
(ii)
the goods or services acquired by the expenditure; and
Expenditure: means any of the following made by a reporting entity or an agent of a reporting entity on behalf of the reporting entity:
(i)
any disbursement from contributions, receipts, or from the separate bank account required by this chapter;
(ii)
a purchase, payment, donation, distribution, loan, advance, deposit, gift of money, or anything of value made for political purposes;
(iii)
an express, legally enforceable contract, promise, or agreement to make any purchase, payment, donation, distribution, loan, advance, deposit, gift of money, or anything of value for political purposes;
(iv)
compensation paid by a filing entity for personal services rendered by a person without charge to a reporting entity;
(v)
a transfer of funds between the filing entity and a candidate's personal campaign committee;
(vi)
goods or services provided by the filing entity to or for the benefit of another reporting entity for political purposes at less than fair market value; or
Financial statement: includes any summary report, interim report, verified financial statement, or other statement disclosing contributions, expenditures, receipts, donations, or disbursements that is required by this chapter or 2. See Utah Code 20A-11-101
Political issues expenditure: means any of the following when made by a political issues committee or on behalf of a political issues committee by an agent of the reporting entity:
(i)
any payment from political issues contributions made for the purpose of influencing the approval or the defeat of:
(A)
a ballot proposition; or
(B)
an incorporation petition or incorporation election;
(ii)
a purchase, payment, distribution, loan, advance, deposit, or gift of money made for the express purpose of influencing the approval or the defeat of:
(A)
a ballot proposition; or
(B)
an incorporation petition or incorporation election;
(iii)
an express, legally enforceable contract, promise, or agreement to make any political issues expenditure;
(iv)
compensation paid by a reporting entity for personal services rendered by a person without charge to a political issues committee; or
(v)
goods or services provided to or for the benefit of another reporting entity at less than fair market value. See Utah Code 20A-11-101
Regular general election: means the election held throughout the state on the first Tuesday after the first Monday in November of each even-numbered year for the purposes established in Section 20A-1-201. See Utah Code 20A-1-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
Each corporation that has made political issues expenditures on current or proposed ballot issues that total at least $750 during a calendar year shall file a verified financial statement with the lieutenant governor’s office:
(i)
on January 10, reporting expenditures as of December 31 of the previous year;
(ii)
seven days before the state political convention of each major political party;
(iii)
seven days before the regular primary election date;
(iv)
on September 30; and
(v)
seven days before the regular general election date.
(b)
The corporation shall report:
(i)
a detailed listing of all expenditures made since the last financial statement; and
(ii)
for a financial statement described in Subsections (1)(a)(ii) through (v), expenditures as of five days before the required filing date of the financial statement.
(c)
The corporation need not file a statement under this section if it made no expenditures during the reporting period.
(2)
That statement shall include:
(a)
the name and address of each individual, entity, or group of individuals or entities that received a political issues expenditure of more than $50 from the corporation, and the amount of each political issues expenditure;
(b)
the total amount of political issues expenditures disbursed by the corporation; and
(c)
a statement by the corporation’s treasurer or chief financial officer certifying the accuracy of the verified financial statement.
